- Bitcoin is trading in a key zone indicating a potential to rise above $100,000.
- A close above the last seven-day high could trigger some serious bullish moves.
- Michael Saylor suggests Bitcoin has a high probability of not dropping below $100K again.
Bitcoin (BTC) has been navigating a volatile phase, with recent chart movements hinting at a potential surge beyond $100,000. This price action follows a significant sweep of last week’s low, which set the stage for a possible reversal from the discounted zone. If Bitcoin closes this week above the previous week’s high, the price could see an upward movement towards the recent buy-side liquidity, fueling further optimism in the crypto space. As the market reacts, experts like Michael Saylor are closely watching for key price levels that could determine Bitcoin’s next major move.
Bitcoin’s Key Levels and Price Reversal Signs
The weekly chart shows Bitcoin’s recent behavior as it tested the lower levels near the $81,134 mark. After a brief dip, the price entered the discounted zone, highlighted in yellow on the chart. This was an interesting point of concern for Bitcoin, which had some purchasing interest. Note that the sweep of last week varies on a large scale. This also means that the low prices set the stage for a price reversal, as the market reacts from low levels.
The upcoming days will be critical, as a close above last week’s high could trigger further bullish momentum. The chart suggests that if Bitcoin maintains its position above the $85,000 level and pushes toward the buy-side liquidity zones marked in the chart, we could see a shift toward higher levels.
Related: Bitcoin’s Market Struggles Despite Rising Institutional Adoption
The Influence of Buy-Side Liquidity and Michael Saylor’s Prediction
The price action shown in the chart indicates that Bitcoin is inching toward the buy-side liquidity levels in the $100,000 range. These levels are essential as they represent areas where large amounts of market orders could be waiting, possibly fueling a further price push. Though it cannot maintain a bullish posture, it remains doubtful that either would hold credible grounds for pronouncing bullish forecasts for Bitcoin.
Seeing as the price is consolidating in the set price range, speculation is rife in the market about whether Bitcoin can sustain this continuation on the bullish trajectory. Saylor has weighed in on this scenario, advising, “You have a few days left to buy Bitcoin under $100,000, and after that, you may never see Bitcoin in the five-figure range again.”
Saylor’s comments bring to scrutiny the rapid movement many crypto enthusiasts feel as Bitcoin draws close to these price levels. Saylor’s comments also underscore an increasing consensus that Bitcoin might well break above $100,000 sooner rather than later. There is an inherent subjectivity to his guidance; more so, the crash would constitute a strong central belief that the market structure of Bitcoin is going into some dramatic change in a month or so.
